AQR Arbitrage LLC Lowers Stock Holdings in Ellsworth Growth and Income Fund Ltd. $ECF

Key Points

• AQR Arbitrage LLC sold 24,445 shares of Ellsworth Growth and Income Fund, reducing its holdings by 25.4% to approximately 71,637 shares valued at $650,000.
• Other institutional investors have increased their stakes, with Sit Investment Associates Inc. raising its holdings by 49.4% to 475,568 shares.
• The fund announced a $0.16 quarterly dividend, equating to an annual yield of 5.8% for shareholders of record as of September 16th.

AQR Arbitrage LLC lessened its stake in Ellsworth Growth and Income Fund Ltd. (NYSE:ECF - Free Report) by 25.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,637 shares of the company's stock after selling 24,445 shares during the quarter. AQR Arbitrage LLC owned 0.52% of Ellsworth Growth and Income Fund worth $650,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ECF. Elequin Capital LP acquired a new position in Ellsworth Growth and Income Fund during the first quarter worth about $27,000. K2 Principal Fund L.P. acquired a new position in Ellsworth Growth and Income Fund during the fourth quarter worth $147,000. Waverly Advisors LLC acquired a new position in Ellsworth Growth and Income Fund during the fourth quarter worth $430,000. Wolverine Asset Management LLC purchased a new stake in Ellsworth Growth and Income Fund during the first quarter worth $427,000. Finally, Invesco Ltd. grew its holdings in Ellsworth Growth and Income Fund by 25.5% in the first quarter. Invesco Ltd. now owns 122,838 shares of the company's stock valued at $1,115,000 after purchasing an additional 24,994 shares during the last quarter. Hedge funds and other institutional investors own 35.88% of the company's stock.

Insider Activity at Ellsworth Growth and Income Fund

In other Ellsworth Growth and Income Fund news, major shareholder Saba Capital Management, L.P. purchased 8,031 shares of the stock in a transaction dated Tuesday, August 19th. The shares were acquired at an average cost of $10.69 per share, for a total transaction of $85,851.39. Following the completion of the transaction, the insider directly owned 1,635,252 shares of the company's stock, valued at $17,480,843.88. This trade represents a 0.49% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.54% of the stock is owned by corporate insiders.

Ellsworth Growth and Income Fund Trading Up 0.1%

Shares of NYSE:ECF traded up $0.01 during midday trading on Tuesday, hitting $11.21. 5,148 shares of the stock were exchanged, compared to its average volume of 38,245. Ellsworth Growth and Income Fund Ltd. has a twelve month low of $8.15 and a twelve month high of $11.27. The company has a 50 day moving average price of $10.64 and a 200-day moving average price of $9.85.

Ellsworth Growth and Income Fund Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 16th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend is Tuesday, September 16th.

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund Ltd. is a closed-ended equity mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in the public equity markets. The fund primarily invests in convertible securities. It invests in stocks of companies across market capitalizations.